Interest Rates

Savings rates are currently at their lowest in history, with the Bank Rate being cut in half from 0.5% to 0.25% back in August. There is also very low competition from providers meaning there is no driving factor to push rates up. This result should not do much to change these rates, and could in fact see them fall further.

Mortgage Rates

Mortgage rates are also at rock bottom, and with the housing market slowing before this result, many are expecting this to continue. Nerves pre-election have resulted in a drop in new listings, and prices have been in sustained decline since 2009. Buyers can hope to enjoy an extended period of cheap mortgages, but may be subject to stricter borrowing criteria from lenders.

The Strength of The Pound

The value of the pound was already low following the EU referendum result, but dropped further on Election results day. This will likely fluctuate depending on the type of coalition that is formed, whether or not Theresa May resigns, and how Brexit negotiations develop.